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According to Jeff Scott from 148Apps, Apple is testing out promo codes for in-app purchases, based on a current promotion by EA Mobile and Fire Monkeys, which is allowing users (in the USA only) to receive 10 free gold (worth $1.99) by redeeming a promo code at this link from your iOS device.

Scott has shared what your iOS device looks like once you redeem an in-app purchase promo code and also what happens when you don’t have the app installed, which you are then prompted to install it:

As for this new feature to allow developers to give out promo codes for in-app purchases, I’m not sure what’s taking Apple so long to release it to the masses. Maybe they are allowing premium developers like EA to test it out first, it seems.